After the serious economic obstacles faced during the past 2020 due to the coronavirus pandemic, for the Canadian Bitcoin mining company, Bitfarms, this 2021 looks like a year of recovery.
In a statement published by the company, it was announced the acquisition of 48,000 new miners belonging to the Chinese manufacturer MicroBT. The miners will arrive as of January 2022 and the last mining platforms are expected to arrive in December of that same year.
“The miners will be installed in our new and existing facilities that are located currently in development. In the event that market conditions change, Bitfarms has negotiated certain delivery and contract adjustment options, ”the company indicates in the statement.
According to Bitfarms, since last year they have bought more than 12,000 mining equipment from the Chinese company, as they consider that “they are the most reliable, efficient and consistent.” They expect production capacity to grow from the l1.0 EH / s they currently handle, to a hashrate of 3.0 EH / s by the end of 2021, which would represent an increase of 200% by the end of 2021. It will then exceed 8.0 EH / s by the end of 2022.
Increasing our hash rate by a factor of eight will increase our company’s share of the global market and substantially increase the amount of bitcoins earned daily.
For his part, the director Bitfarms executive Emiliano Grodzki said that, with the agreement with MicroBT, they hope to position themselves above the companies in the sector that are listed on the stock exchange in the world.
“This purchase and expansion will be the cornerstone of our corporate growth strategy until 2022. The supply of miners will be one of the greater challenges in the future due to the global casez of wafers ( wafer ) used to create semiconductor chips, which is a vital component on mining rigs, ”added Grodzki.
With the new acquisition of mining equipment by the Canadian company and others that have also joined, China is gradually losing ground in this sector due to the growing North American interest in participate in this activity . For now, it is evident that a great movement is brewing to challenge the dominance of cryptocurrency mining traditionally deployed in the Asian country.
The arrival of Bitfarms to the stock market
Last January, the Canadian company Bitfarms announced a collection of 20 million Canadian dollars for the sale of more than 8 million common shares of the firm, as reported by CriptoNoticias.
The private operation concluded agreements with US institutional investors. Upon completion of the sale of shares, will use the proceeds to acquire additional mining equipment , expand the infrastructure and improve its working capital position, which is reflected in the agreement signed with MicroBT .